Ultralife (ULBI) 10-Q 26 Oct 23 2023 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2023	Oct. 23, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	0-20852
Entity Registrant Name	ULTRALIFE CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	2000 Technology Parkway
Entity Address, City or Town	Newark
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	14513
Entity Tax Identification Number	16-1387013
City Area Code	315
Local Phone Number	332-7100
Title of 12(b) Security	Common Stock, $0.10 par value per share
Trading Symbol	ULBI
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		16,340,113
Entity Central Index Key	0000875657
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash	$ 9,301	$ 5,713
Trade accounts receivable, net of allowance for expected credit losses of $XX and $303, respectively	27,189	27,779
Inventories, net	46,634	41,192
Prepaid expenses and other current assets	6,429	4,304
Total current assets	89,553	78,988
Property, plant and equipment, net	21,166	21,716
Goodwill	37,357	37,428
Other intangible assets, net	15,270	15,921
Deferred income taxes, net	10,728	12,069
Other noncurrent assets	2,035	2,308
Total assets	176,109	168,430
Current liabilities:
Accounts payable	13,470	16,074
Current portion of long-term debt	2,000	2,000
Accrued compensation and related benefits	2,467	2,890
Accrued expenses and other current liabilities	8,449	7,949
Total current liabilities	26,386	28,913
Long-term debt	24,108	19,310
Deferred income taxes	1,825	1,917
Other noncurrent liabilities	2,032	1,887
Total liabilities	54,351	52,027
Commitments and Contingencies
Shareholders’ equity:
Preferred stock – par value $.10 per share; authorized 1,000,000 shares; none issued	0	0
Common stock – par value $.10 per share; authorized 40,000,000 shares; issued – 20,746,546 shares at September 30, 2023 and 20,570,710 shares at December 31, 2022; outstanding – 16,311,194 shares at September 30, 2023 and 16,135,358 shares at December 31, 2022	2,075	2,057
Capital in excess of par value	188,852	187,405
Accumulated deficit	(43,627)	(47,951)
Accumulated other comprehensive loss	(4,176)	(3,750)
Treasury stock - at cost; 4,435,352 shares at September 30, 2023 and 4,435,352 shares at December 31, 2022	(21,484)	(21,484)
Total Ultralife Corporation equity	121,640	116,277
Non-controlling interest	118	126
Total shareholders’ equity	121,758	116,403
Total liabilities and shareholders’ equity	$ 176,109	$ 168,430

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Trade accounts receivable, allowance for doubtful accounts	$ 287	$ 303
Preferred stock, par value (in dollars per share)	$ 0.10	$ 0.10
Preferred Stock, Shares Authorized (in shares)	1,000,000	1,000,000
Preferred Stock, Shares Issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common Stock, Shares Authorized (in shares)	40,000,000	40,000,000
Common stock, shares issued (in shares)	20,746,546	20,570,710
Common stock, shares outstanding (in shares)	16,311,194	16,135,358
Treasury Stock, Common, Shares (in shares)	4,435,352	4,435,352

Consolidated Statements of Inco

Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) ( Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues	$ 39,488	$ 33,234	$ 114,096	$ 95,733
Cost of products sold	29,714	26,519	86,298	74,414
Gross profit	9,774	6,715	27,798	21,319
Operating expenses:
Research and development	1,869	1,896	5,679	5,425
Selling, general and administrative	5,770	5,405	16,293	15,982
Total operating expenses	7,639	7,301	21,972	21,407
Operating income (loss)	2,135	(586)	5,826	(88)
Other income (expense):
Interest and financing expense	(586)	(272)	(1,450)	(583)
Miscellaneous income	200	526	1,628	605
Total other (expense) income	(386)	254	178	22
Income (loss) before income taxes	1,749	(332)	6,004	(66)
Income tax provision (benefit)	446	(90)	1,688	(171)
Net income (loss)	1,303	(242)	4,316	105
Net loss attributable to non-controlling interest	(27)	(3)	(8)	0
Net income (loss) attributable to Ultralife Corporation	1,330	(239)	4,324	105
Other comprehensive loss:
Foreign currency translation adjustments	(330)	(1,691)	(426)	(3,189)
Comprehensive income (loss) attributable to Ultralife Corporation	$ 1,000	$ (1,930)	$ 3,898	$ (3,084)
Net income (loss) per share attributable to Ultralife common stockholders – basic (in dollars per share)	$ 0.21	$ 0.03	$ 0.19	$ 0.02
Net income (loss) per share attributable to Ultralife common stockholders – diluted (in dollars per share)	$ 0.21	$ 0.03	$ 0.19	$ 0.02
Weighted average shares outstanding – basic (in shares)	16,238	16,133	16,172	16,122
Potential common shares (in shares)	65	0	2	22
Weighted average shares outstanding - diluted (in shares)	16,303	16,133	16,174	16,144

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
OPERATING ACTIVITIES:
Net income	$ 4,316	$ 105
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation	2,282	2,450
Amortization of intangible assets	663	969
Amortization of financing fees	48	25
Stock-based compensation	424	552
Deferred income taxes	1,245	(683)
Changes in operating assets and liabilities:
Accounts receivable	565	(7,433)
Inventories	(5,626)	(8,714)
Prepaid expenses and other assets	(1,972)	(1,004)
Accounts payable and other liabilities	(2,448)	9,906
Net cash used in operating activities	(503)	(3,827)
INVESTING ACTIVITIES:
Purchases of property, plant and equipment	(1,547)	(1,396)
Net cash used in investing activities	(1,547)	(1,396)
FINANCING ACTIVITIES:
Borrowings on revolving credit facility	6,250	3,350
Payments on term loan facility	(1,500)	(1,333)
Proceeds from exercise of stock options	1,041	116
Payment of debt issuance costs	0	(25)
Tax withholdings on stock-based awards	0	(11)
Net cash provided by financing activities	5,791	2,097
Effect of exchange rate changes on cash	(153)	(236)
INCREASE (DECREASE) IN CASH	3,588	(3,362)
Cash, Beginning of period	5,713	8,413
Cash, End of period	$ 9,301	$ 5,051

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	AOCI Including Portion Attributable to Noncontrolling Interest [Member]	Retained Earnings [Member]	Treasury Stock, Common [Member]	Noncontrolling Interest [Member]	Total
Balance (in shares) at Dec. 31, 2021	20,522,427
Balance at Dec. 31, 2021	$ 2,052	$ 186,518	$ (1,653)	$ (47,832)	$ (21,469)	$ 127	$ 117,743
Net income				105		0	105
Stock option exercises (in shares)	39,119
Stock option exercises	$ 4	112			(7)		109
Stock-based compensation – stock options		538					538
Stock-based compensation – restricted stock		14					14
Vesting of restricted stock (in shares)	6,664
Vesting of restricted stock	$ 1	(1)			(4)		(4)
Foreign currency translation adjustments adjustments			(3,189)				(3,189)
Balance (in shares) at Sep. 30, 2022	20,568,210
Balance at Sep. 30, 2022	$ 2,057	187,181	(4,842)	(47,727)	(21,480)	127	115,316
Balance (in shares) at Jun. 30, 2022	20,567,460
Balance at Jun. 30, 2022	$ 2,057	186,999	(3,151)	(47,488)	(21,480)	130	117,067
Net income				(239)		(3)	(242)
Stock option exercises (in shares)	750
Stock option exercises	$ 0	3			0		3
Stock-based compensation – stock options		176					176
Stock-based compensation – restricted stock		3					3
Foreign currency translation adjustments adjustments			(1,691)				(1,691)
Balance (in shares) at Sep. 30, 2022	20,568,210
Balance at Sep. 30, 2022	$ 2,057	187,181	(4,842)	(47,727)	(21,480)	127	$ 115,316
Balance (in shares) at Dec. 31, 2022	20,570,710						16,135,358
Balance at Dec. 31, 2022	$ 2,057	187,405	(3,750)	(47,951)	(21,484)	126	$ 116,403
Net income				4,324		(8)	$ 4,316
Stock option exercises (in shares)	175,836						204,891
Stock option exercises	$ 18	1,023			0		$ 1,041
Stock-based compensation – stock options		421					421
Stock-based compensation – restricted stock		3					3
Foreign currency translation adjustments adjustments			(426)				$ (426)
Balance (in shares) at Sep. 30, 2023	20,746,546						16,311,194
Balance at Sep. 30, 2023	$ 2,075	188,852	(4,176)	(43,627)	(21,484)	118	$ 121,758
Balance (in shares) at Jun. 30, 2023	20,586,045
Balance at Jun. 30, 2023	$ 2,059	187,758	(3,846)	(44,957)	(21,484)	145	119,675
Net income				1,330		(27)	1,303
Stock option exercises (in shares)	160,501
Stock option exercises	$ 16	963			0		979
Stock-based compensation – stock options		130					130
Stock-based compensation – restricted stock		1					1
Foreign currency translation adjustments adjustments			(330)				$ (330)
Balance (in shares) at Sep. 30, 2023	20,746,546						16,311,194
Balance at Sep. 30, 2023	$ 2,075	$ 188,852	$ (4,176)	$ (43,627)	$ (21,484)	$ 118	$ 121,758

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Business Description and Accounting Policies [Text Block]	1. BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements of Ultralife Corporation and its subsidiaries (the “Company” or “Ultralife”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and with the instructions to Rule 8-03 of Regulation S-X. Accordingly, they do not include all the information and notes for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals and adjustments) considered necessary for a fair presentation of the consolidated financial statements have been included. Results for interim periods should not be considered indicative of results to be expected for a full year. Reference should be made to the consolidated financial statements and related notes thereto contained in our Form 10-K for the year ended December 31, 2022. The December 31, 2022 consolidated balance sheet information referenced herein was derived from audited financial statements but does not include all disclosures required by GAAP. Certain items previously reported in specific financial statement captions have been reclassified to conform to the current presentation. Significant Accounting Policies During the quarter ended June 30, 2023, in consultation with third party experts, the Company completed an analysis to determine and verify its eligibility for the Employee Retention Credit (“ERC”), which is a refundable tax credit against certain employment taxes under Section 2301 of the Coronavirus Aid, Relief, and Economic Security Act of 2020 (“CARES Act”) and the American Rescue Plan of 2021, and filed the necessary amended payroll tax forms with the Internal Revenue Service to claim a refund for the credit. The ERC refund receivable of $1,544 is included in prepaid expenses and other current assets on our consolidated balance sheet as of September 30, 2023, and the benefit is recognized as other income on our consolidated statement of income for the nine-month period ended September 30, 2023. Recently Adopted Accounting Guidance In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326) – Measurement of Credit Losses on Financial Instruments”, which requires entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost. This guidance was effective for the Company for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. The adoption of this new accounting standard did not have a material impact on our consolidated financial statements.

Note 2 - Debt

Note 2 - Debt	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Debt Disclosure [Text Block]	2. DEBT On December 13, 2021, Ultralife, Southwest Electronic Energy Corporation, a Texas corporation and wholly owned subsidiary of Ultralife (“SWE”), CLB, INC., a Texas corporation and wholly owned subsidiary of SWE (“CLB”), Ultralife Excell Holding Corp., a Delaware corporation and wholly owned subsidiary of Ultralife (“UEHC”), Ultralife Canada Holding Corp., a Delaware corporation and wholly owned subsidiary of UEHC (“UCHC”), and Excell Battery Corporation USA, a Texas corporation and wholly owned subsidiary of UEHC (“Excell USA”), as borrowers, entered into the Second Amendment Agreement with KeyBank National Association (“KeyBank” or the “Bank”), as lender and administrative agent, to amend the Credit and Security Agreement dated May 31, 2017 as amended by the First Amendment Agreement by and among Ultralife, SWE, CLB and KeyBank dated May 1, 2019 (the “Credit Agreement”). On November 28, 2022, Ultralife, SWE, CLB, UEHC, UCHC, Excell USA, and Excell Battery Canada ULC, a British Columbia unlimited liability corporation and wholly owned subsidiary of UCHC (“Excell Canada”), entered into that certain Third Amendment Agreement with KeyBank, to further amend the Credit Agreement to, among other things, facilitate the joinder of Excell Canada as a guarantor under the Credit Agreement and to replace the LIBOR benchmark thereunder with SOFR (the “Third Amendment Agreement”, and together with the Second Amendment Agreement and the Credit Agreement, the “Amended Credit Agreement”). The Amended Credit Agreement, among other things, provides for a 5-year, $10,000 senior secured term loan (the “Term Loan Facility”) and extends the term of the $30,000 senior secured revolving credit facility (the “Revolving Credit Facility”, and together with the Term Loan Facility, the “Amended Credit Facilities”) through May 30, 2025. Up to six months prior to May 30, 2025, the Revolving Credit Facility may be increased to $50,000 with the Bank’s concurrence. As of September 30, 2023, the Company had $6,667 outstanding principal on the Term Loan Facility, $2,000 of which is included in current portion of long-term debt on the balance sheet, and $19,580 outstanding on the Revolving Credit Facility. As of September 30, 2023, total unamortized debt issuance costs of $139, including placement, renewal and legal fees associated with the Amended Credit Agreement, are classified as a reduction of long-term debt on the balance sheet. Debt issuance costs are amortized to interest expense over the term of the Amended Credit Facilities. The remaining availability under the Revolving Credit Facility is subject to certain borrowing base limits based on trade receivables and inventories. The Company is required to repay the borrowings under the Term Loan Facility in equal consecutive monthly payments commencing on February 1, 2022, in arrears, together with applicable interest. All unpaid principal and accrued and unpaid interest with respect to the Term Loan Facility is due and payable in full on January 1, 2027. All unpaid principal and accrued and unpaid interest with respect to the Revolving Credit Facility is due and payable in full on May 30, 2025. The Company may voluntarily prepay principal amounts outstanding at any time subject to certain restrictions. In addition to the customary affirmative and negative covenants, the Company must maintain a Consolidated Senior Leverage Ratio, as defined in the Amended Credit Agreement, of equal to or less than 3.5 to 1.0 for the fiscal quarters ending December 31, 2022 and March 31, 2023, and equal to or less than 3.0 to 1.0 for the fiscal quarters ending June 30, 2023 and thereafter. The Company was in full compliance with its covenants under the Amended Credit Agreement as of September 30, 2023. Borrowings under the Amended Credit Facilities are secured by substantially all the assets of the Company and its subsidiaries. Upon the effectiveness of the Third Amendment Agreement, interest accrues on outstanding indebtedness under the Amended Credit Facilities at the Daily Simple SOFR Rate, plus an index spread adjustment of 0.10%, plus the applicable margin. The applicable margin ranges from 185 to 215 basis points and is determined based on the Company’s senior leverage ratio. The Company must pay a fee of 0.15% to 0.25% based on the average daily unused availability under the Revolving Credit Facility. Payments must be made by the Company to the extent borrowings exceed the maximum amount then permitted to be drawn on the Amended Credit Facilities and from the proceeds of certain transactions. Upon the occurrence of an event of default, the outstanding obligations may be accelerated, and the Bank will have other customary remedies including resort to the security interest the Company provided to the Bank. Future minimum principal repayment obligations on our Amended Credit Facilities as of September 30, 2023 are as follows: 2023 $ 500 2024 2,000 2025 21,580 2026 2,000 2027 167 Thereafter 0 Total $ 26,247

Note 3 - Earnings Per Share

Note 3 - Earnings Per Share	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Earnings Per Share [Text Block]	3. EARNINGS PER SHARE Basic earnings (loss) per share (“EPS”) is computed by dividing net income (loss) attributable to Ultralife by the weighted average shares outstanding during the period. Diluted EPS includes the dilutive effect of securities, if any, and is calculated using the treasury stock method. For the three-month period ended September 30, 2023, there were 677,029 outstanding stock options and 2,500 unvested restricted stock awards included in the calculation of diluted weighted average shares outstanding, as such securities were dilutive, resulting in 65,275 potential common shares included in the calculation of diluted EPS. There were 411,583 outstanding stock options for the three-month period ended September 30, 2023 not included in EPS as the effect would be anti-dilutive For the comparable three-month period ended September 30, 2022, there no were no no For the nine-month period ended September 30, 2023, there were 22,165 outstanding stock options and 2,500 unvested restricted stock awards included in the calculation of diluted weighted average shares outstanding, as such securities were dilutive, resulting in 2,441 potential common shares included in the calculation of diluted EPS. There were 1,066,447 outstanding stock options for the nine-month periods ended September 30, 2023 not included in EPS as the effect would be anti-dilutive. For the comparable nine-month period ended September 30, 2022, there were 128,665 outstanding stock options and 5,000 unvested restricted stock awards included in the calculation of diluted EPS, resulting in 22,203 potential common shares included in the calculation of diluted EPS. There were 1,073,411 outstanding stock options for the nine-month period ended September 30, 2022 not included in EPS as the effect would be anti-dilutive.

Note 4 - Supplemental Balance S

Note 4 - Supplemental Balance Sheet Information	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Supplemental Balance Sheet Disclosures [Text Block]	4. SUPPLEMENTAL BALANCE SHEET INFORMATION Fair Value Measurements and Disclosures The fair value of financial instruments approximated their carrying values at September 30, 2023 and December 31, 2022. The fair value of cash, accounts receivable, accounts payable, accrued liabilities, and the current portion of long-term debt approximates carrying value due to the short-term nature of these instruments. Cash The composition of the Company’s cash was as follows: September 30, 2023 December 31, 2022 Cash $ 9,223 $ 5,634 Restricted cash 78 79 Total $ 9,301 $ 5,713 As of September 30, 2023 and December 31, 2022, restricted cash included $78 and $79, respectively, of euro-denominated deposits withheld by the Dutch tax authorities and third-party VAT representatives in connection with a previously utilized logistics arrangement in the Netherlands. Restricted cash is included as a component of the cash balance for purposes of the consolidated statements of cash flows. Inventories, Net Inventories are stated at the lower of cost or net realizable value, net of obsolescence reserves, with cost determined under the first-in, first-out (FIFO) method. The composition of inventories, net was: September 30, 2023 December 31, 2022 Raw materials $ 31,516 $ 29,200 Work in process 4,342 2,757 Finished goods 10,776 9,235 Total $ 46,634 $ 41,192 Property, Plant and Equipment, Net Major classes of property, plant and equipment consisted of the following: September 30, 2023 December 31, 2022 Land $ 1,273 $ 1,273 Buildings and leasehold improvements 15,934 15,572 Machinery and equipment 57,164 63,981 Furniture and fixtures 2,822 2,845 Computer hardware and software 7,807 7,744 Construction in process 1,709 1,245 86,709 92,660 Less: Accumulated depreciation (65,543 ) (70,944 ) Property, plant and equipment, net $ 21,166 $ 21,716 Depreciation expense for property, plant and equipment was as follows: Three-month period ended Nine-month period ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Depreciation expense $ 760 $ 815 $ 2,282 $ 2,450 Goodwill The following table summarizes the goodwill activity by segment for the nine-month period ended September 30, 2023. Battery & Energy Products Communications Systems Total Balance – December 31, 2022 $ 25,935 $ 11,493 $ 37,428 Effect of foreign currency translation (71 ) - (71 ) Balance – September 30, 2023 $ 25,864 $ 11,493 $ 37,357 Other Intangible Assets, Net The composition of other intangible assets was: at September 30, 2023 Cost Accumulated Amortization Net Customer relationships $ 12,989 $ 6,451 $ 6,538 Patents and technology 5,564 5,260 304 Trade names 4,632 607 4,025 Trademarks 3,399 - 3,399 Other 1,500 496 1,004 Total other intangible assets $ 28,084 $ 12,814 $ 15,270 at December 31, 2022 Cost Accumulated Amortization Net Customer relationships $ 12,970 $ 5,992 $ 6,978 Patents and technology 5,557 5,171 386 Trade names 4,629 522 4,107 Trademarks 3,404 - 3,404 Other 1,500 454 1,046 Total other intangible assets $ 28,060 $ 12,139 $ 15,921 The change in the cost of total intangible assets from December 31, 2022 to September 30, 2023 is the effect of foreign currency translations. Amortization expense for other intangible assets was as follows: Three-month period ended Nine-month period ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Amortization included in: Selling, general and administrative $ 203 $ 295 $ 591 $ 895 Research and development 24 23 72 74 Total amortization expense $ 227 $ 318 $ 663 $ 969

Note 5 - Stock-based Compensati

Note 5 - Stock-based Compensation	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Shareholders' Equity and Share-Based Payments [Text Block]	5. STOCK-BASED COMPENSATION We recorded non-cash stock compensation expense in each period as follows: Three-month period ended Nine-month period ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Stock options $ 130 $ 176 $ 421 $ 538 Restricted stock 1 3 3 14 Total $ 131 $ 179 $ 424 $ 552 We have stock options outstanding from various stock-based employee compensation plans for which we record compensation cost relating to share-based payment transactions in our financial statements. As of September 30, 2023, there was $314 of total unrecognized compensation cost related to outstanding stock options, which is expected to be recognized over a weighted average period of 0.9 years. The following table summarizes stock option activity for the nine-month period ended September 30, 2023: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value Outstanding at January 1, 2023 1,425,693 $ 6.72 Granted 12,500 $ 4.07 Exercised (204,891 ) $ 5.71 Forfeited or expired (144,690 ) $ 5.01 Outstanding at September 30, 2023 1,088,612 $ 7.11 3.54 $ 2,898 Vested and expected to vest at September 30, 2023 1,009,489 $ 7.20 3.37 $ 2,598 Exercisable at September 30, 2023 703,529 $ 7.79 2.36 $ 1,402 Cash received from stock option exercises under our stock-based compensation plans for the three-month periods ended September 30, 2023 and September 30, 2022 was $979 and $3, respectively. Cash received from stock option exercises under our stock-based compensation plans for the nine-month periods ended September 30, 2023 and September 30, 2022 was $1,041 and $116, respectively. Outstanding restricted shares vest in equal annual installments over three

Note 6 - Income Taxes

Note 6 - Income Taxes	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Income Tax Disclosure [Text Block]	6. INCOME TAXES Our effective tax rate for the nine-month periods ended September 30, 2023 and September 30, 2022 was 28.1% and 259.1%, respectively. The period-over-period change was primarily attributable to the geographic mix of our operating results and the larger impact of discrete adjustments in the prior year. As of December 31, 2022, we have domestic net operating loss (“NOL”) carryforwards of $40,952, which expire 2025 through 2035, and domestic tax credits of $2,600, which expire 2028 through 2042, available to reduce future taxable income. As of September 30, 2023, management has concluded it is more likely than not that these domestic NOL and credit carryforwards will be fully utilized. As of September 30, 2023, for certain past operations in the U.K., we continue to report a valuation allowance for NOL carryforwards of approximately $10,000, nearly all of which can be carried forward indefinitely. Utilization of the net operating losses may be limited due to the change in the past U.K. operation and cannot currently be used to reduce taxable income at our other U.K. subsidiary, Accutronics Ltd. There are no other deferred tax assets related to the past U.K. operations. As of September 30, 2023, we have not As of September 30, 2023, the Company maintains its assertion that all foreign earnings will be indefinitely reinvested in those operations, other than earnings generated in the U.K. There were no As a result of our operations, we file income tax returns in various jurisdictions including U.S. federal, U.S. state and foreign jurisdictions. We are routinely subject to examination by taxing authorities in these various jurisdictions. Our U.S. tax matters for 2019-2022 remain subject to IRS examination. Our U.S. tax matters for 2005 2005 2013

Note 7 - Operating Leases

Note 7 - Operating Leases	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	7. OPERATING LEASES The Company has operating leases predominantly for operating facilities. As of September 30, 2023, the remaining lease terms on our operating leases range from approximately one (1) year to eight (8) years. Lease terms include renewal options reasonably certain of exercise. There is no transfer of title or option to purchase the leased assets upon expiration. There are no residual value guarantees or material restrictive covenants. The components of lease expense for the current and prior-year comparative periods were as follows: Three months ended Nine months ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Operating lease cost $ 252 $ 216 $ 732 $ 674 Variable lease cost 28 22 85 69 Total lease cost $ 280 238 $ 817 $ 743 Supplemental cash flow information related to leases was as follows: Nine-month period ended September 30, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used in operating leases $ 762 $ 676 Right-of-use assets obtained in exchange for lease liabilities: $ 310 $ - Supplemental consolidated balance sheet information related to leases was as follows: Balance sheet classification September 30, 2023 December 31, 2022 Assets: Operating lease right-of-use asset Other noncurrent assets $ 1,914 $ 2,187 Liabilities: Current operating lease liability Accrued expenses and other current liabilities $ 793 $ 895 Operating lease liability, net of current portion Other noncurrent liabilities 1,087 1,307 Total operating lease liability $ 1,880 $ 2,202 Weighted-average remaining lease term (years) 4.5 4.7 Weighted-average discount rate 4.5 % 4.5 % Future minimum lease payments as of September 30, 2023 are as follows: Maturity of operating lease liabilities 2023 $ 258 2024 642 2025 306 2026 241 2027 217 Thereafter 426 Total lease payments 2,090 Less: Imputed interest (210 ) Present value of remaining lease payments $ 1,880

Note 8 - Commitments and Contin

Note 8 - Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	8. COMMITMENTS AND CONTINGENCIES Purchase Commitments As of September 30, 2023, we have made commitments to purchase approximately $925 of production machinery and equipment. Product Warranties We estimate future warranty costs to be incurred for product failure rates, material usage and service costs in the development of our warranty obligations. Estimated future costs are based on actual past experience and are generally estimated as a percentage of sales over the warranty period. Changes in our product warranty liability during the first nine months of 2023 and 2022 were as follows: Nine-month period ended September 30, 2023 2022 Accrued warranty obligations – beginning $ 323 $ 133 Accruals for warranties issued 260 247 Settlements made (98 ) (94 ) Accrued warranty obligations – ending $ 485 $ 286 Contingencies and Legal Matters We are subject to legal proceedings and claims that arise from time to time in the normal course of business. We believe that the final disposition of any such matters will not have a material adverse effect on the Company’s financial position, results of operations or cash flows. However, recognizing that legal matters are subject to inherent uncertainties, there exists the possibility that ultimate resolution of these matters could have a material adverse impact on the Company’s financial position, results of operations or cash flows. We are not aware of any such situations at this time.

Note 9 - Revenue Recognition

Note 9 - Revenue Recognition	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	9. REVENUE RECOGNITION Revenues are generated from the sale of products. Performance obligations are met and revenue is recognized upon transfer of control to the customer, which is generally upon shipment. When contract terms require transfer of control upon delivery at a customer’s location, revenue is recognized on the date of delivery. For products shipped under vendor-managed inventory arrangements, revenue is recognized and billed when the product is consumed by the customer, at which point control has transferred and there are no further obligations by the Company. Revenue is measured as the amount of consideration we expect to receive in exchange for shipped product. Sales, value-added and other taxes billed and collected from customers are excluded from revenue. Customers, including distributors, do not have a general right of return. Separately priced extended warranty contracts are offered on certain Communications Systems products for a duration of up to eight (8) years. Extended warranties are treated as separate performance obligations and recognized to revenue evenly over the term of the respective contract. Revenue not yet recognized on extended warranty contracts is recorded as deferred revenue on the consolidated balance sheet. As of September 30, 2023, there was deferred revenue on extended warranty contracts of $1,121, comprised of $193 expected to be recognized as revenue within one (1) year and classified as accrued expenses and other current liabilities on our consolidated balance sheet, and $928 expected to be recognized as revenue over the remaining duration of the respective contracts and classified as other noncurrent liabilities on our consolidated balance sheet. As of December 31, 2022, there was deferred revenue on extended warranty contracts of $682, comprised of $119 expected to be recognized as revenue within one (1) year and classified as accrued expenses and other current liabilities on our consolidated balance sheet, and $563 expected to be recognized as revenue over the remaining duration of the respective contracts and classified as other noncurrent liabilities on our consolidated balance sheet. As of September 30, 2023 and December 31, 2022, the Company had no other unsatisfied performance obligations for contracts with an original expected duration of greater than one year. Pursuant to Topic 606, we have applied the practical expedient with respect to disclosure of the deferral and future expected timing of revenue recognition for transaction price allocated to remaining performance obligations.

Note 10 - Business Segment Info

Note 10 - Business Segment Information	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	10. BUSINESS SEGMENT INFORMATION We report our results in two Three-month period ended September 30, 2023: Battery & Energy Products Communications Systems Corporate Total Revenues $ 31,919 $ 7,569 $ - $ 39,488 Segment contribution 7,728 2,046 (7,639 ) 2,135 Other expense (386 ) (386 ) Income tax provision (446 ) (446 ) Non-controlling interest 27 27 Net income attributable to Ultralife $ 1,330 Three-month period ended September 30, 2022: Battery & Energy Products Communications Systems Corporate Total Revenues $ 28,583 $ 4,651 $ - $ 33,234 Segment contribution 5,345 1,370 (7,301 ) (586 ) Other income 254 254 Income tax benefit 90 90 Non-controlling interest 3 3 Net loss attributable to Ultralife $ (239 ) Nine-month period ended September 30, 2023: Battery & Energy Products Communications Systems Corporate Total Revenues $ 94,250 $ 19,846 $ - $ 114,096 Segment contribution 21,783 6,015 (21,972 ) 5,826 Other income 178 178 Income tax provision (1,688 ) (1,688 ) Non-controlling interest 8 8 Net income attributable to Ultralife $ 4,324 Nine-month period ended September 30, 2022: Battery & Energy Products Communications Systems Corporate Total Revenues $ 87,873 $ 7,860 $ - $ 95,733 Segment contribution 19,217 2,102 (21,407 ) (88 ) Other income 22 22 Income tax benefit 171 171 Non-controlling interest - - Net income attributable to Ultralife $ 105 The following tables disaggregate our business segment revenues by major source and geography. Commercial and Government/Defense Revenue Information: Three-month period ended September 30, 2023: Total Revenue Commercial Government/ Defense Battery & Energy Products $ 31,919 $ 24,150 $ 7,769 Communications Systems 7,569 - 7,569 Total $ 39,488 $ 24,150 $ 15,338 61 % 39 % Three-month period ended September 30, 2022: Total Revenue Commercial Government/ Defense Battery & Energy Products $ 28,583 $ 22,878 $ 5,705 Communications Systems 4,651 - 4,651 Total $ 33,234 $ 22,878 $ 10,356 69 % 31 % Nine-month period ended September 30, 2023: Total Revenue Commercial Government/ Defense Battery & Energy Products $ 94,250 $ 73,319 $ 20,931 Communications Systems 19,846 - 19,846 Total $ 114,096 $ 73,319 $ 40,777 64 % 36 % Nine-month period ended September 30, 2022: Total Revenue Commercial Government/ Defense Battery & Energy Products $ 87,873 $ 70,154 $ 17,719 Communications Systems 7,860 - 7,860 Total $ 95,733 $ 70,154 $ 25,579 73 % 27 % U.S. and Non-U.S. Revenue Information 1 : Three-month period ended September 30, 2023: Total Revenue United States Non-United States Battery & Energy Products $ 31,919 $ 15,926 $ 15,993 Communications Systems 7,569 4,348 3,221 Total $ 39,488 $ 20,274 $ 19,214 51 % 49 % Three-month period ended September 30, 2022: Total Revenue United States Non-United States Battery & Energy Products $ 28,583 $ 13,433 $ 15,150 Communications Systems 4,651 3,547 1,104 Total $ 33,234 $ 16,980 $ 16,254 51 % 49 % Nine-month period ended September 30, 2023: Total Revenue United States Non-United States Battery & Energy Products $ 94,250 $ 47,088 $ 47,162 Communications Systems 19,846 11,170 8,676 Total $ 114,096 $ 58,258 $ 55,838 51 % 49 % Nine-month period ended September 30, 2022: Total Revenue United States Non-United States Battery & Energy Products $ 87,873 $ 41,303 $ 46,570 Communications Systems 7,860 6,609 1,251 Total $ 95,733 $ 47,912 $ 47,821 50 % 50 % 1

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Adopted Accounting Guidance In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326) – Measurement of Credit Losses on Financial Instruments”, which requires entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost. This guidance was effective for the Company for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. The adoption of this new accounting standard did not have a material impact on our consolidated financial statements.

Note 2 - Debt (Tables)

Note 2 - Debt (Tables)	9 Months Ended
	Sep. 30, 2023
Notes Tables
Schedule of Maturities of Long-Term Debt [Table Text Block]	2023 $ 500 2024 2,000 2025 21,580 2026 2,000 2027 167 Thereafter 0 Total $ 26,247

Note 4 - Supplemental Balance_2

Note 4 - Supplemental Balance Sheet Information (Tables)	9 Months Ended
	Sep. 30, 2023
Notes Tables
Cash, Cash Equivalents and Investments [Table Text Block]	September 30, 2023 December 31, 2022 Cash $ 9,223 $ 5,634 Restricted cash 78 79 Total $ 9,301 $ 5,713
Schedule of Inventory, Current [Table Text Block]	September 30, 2023 December 31, 2022 Raw materials $ 31,516 $ 29,200 Work in process 4,342 2,757 Finished goods 10,776 9,235 Total $ 46,634 $ 41,192
Property, Plant and Equipment [Table Text Block]	September 30, 2023 December 31, 2022 Land $ 1,273 $ 1,273 Buildings and leasehold improvements 15,934 15,572 Machinery and equipment 57,164 63,981 Furniture and fixtures 2,822 2,845 Computer hardware and software 7,807 7,744 Construction in process 1,709 1,245 86,709 92,660 Less: Accumulated depreciation (65,543 ) (70,944 ) Property, plant and equipment, net $ 21,166 $ 21,716 Three-month period ended Nine-month period ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Depreciation expense $ 760 $ 815 $ 2,282 $ 2,450
Schedule of Goodwill [Table Text Block]	Battery & Energy Products Communications Systems Total Balance – December 31, 2022 $ 25,935 $ 11,493 $ 37,428 Effect of foreign currency translation (71 ) - (71 ) Balance – September 30, 2023 $ 25,864 $ 11,493 $ 37,357
Schedule of Finite-Lived Intangible Assets [Table Text Block]	at September 30, 2023 Cost Accumulated Amortization Net Customer relationships $ 12,989 $ 6,451 $ 6,538 Patents and technology 5,564 5,260 304 Trade names 4,632 607 4,025 Trademarks 3,399 - 3,399 Other 1,500 496 1,004 Total other intangible assets $ 28,084 $ 12,814 $ 15,270 at December 31, 2022 Cost Accumulated Amortization Net Customer relationships $ 12,970 $ 5,992 $ 6,978 Patents and technology 5,557 5,171 386 Trade names 4,629 522 4,107 Trademarks 3,404 - 3,404 Other 1,500 454 1,046 Total other intangible assets $ 28,060 $ 12,139 $ 15,921
Finite-Lived Intangible Assets Amortization Expense [Table Text Block]	Three-month period ended Nine-month period ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Amortization included in: Selling, general and administrative $ 203 $ 295 $ 591 $ 895 Research and development 24 23 72 74 Total amortization expense $ 227 $ 318 $ 663 $ 969

Note 5 - Stock-based Compensa_2

Note 5 - Stock-based Compensation (Tables)	9 Months Ended
	Sep. 30, 2023
Notes Tables
Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award [Table Text Block]	Three-month period ended Nine-month period ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Stock options $ 130 $ 176 $ 421 $ 538 Restricted stock 1 3 3 14 Total $ 131 $ 179 $ 424 $ 552
Share-Based Payment Arrangement, Option, Activity [Table Text Block]	Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value Outstanding at January 1, 2023 1,425,693 $ 6.72 Granted 12,500 $ 4.07 Exercised (204,891 ) $ 5.71 Forfeited or expired (144,690 ) $ 5.01 Outstanding at September 30, 2023 1,088,612 $ 7.11 3.54 $ 2,898 Vested and expected to vest at September 30, 2023 1,009,489 $ 7.20 3.37 $ 2,598 Exercisable at September 30, 2023 703,529 $ 7.79 2.36 $ 1,402

Note 7 - Operating Leases (Tabl

Note 7 - Operating Leases (Tables)	9 Months Ended
	Sep. 30, 2023
Notes Tables
Lease, Cost [Table Text Block]	Three months ended Nine months ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Operating lease cost $ 252 $ 216 $ 732 $ 674 Variable lease cost 28 22 85 69 Total lease cost $ 280 238 $ 817 $ 743
Lessee, Lease, Cash Flow Information [Table Text Block]	Nine-month period ended September 30, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used in operating leases $ 762 $ 676 Right-of-use assets obtained in exchange for lease liabilities: $ 310 $ -
Lessee, Lease, Balance Sheet Information [Table Text Block]	Balance sheet classification September 30, 2023 December 31, 2022 Assets: Operating lease right-of-use asset Other noncurrent assets $ 1,914 $ 2,187 Liabilities: Current operating lease liability Accrued expenses and other current liabilities $ 793 $ 895 Operating lease liability, net of current portion Other noncurrent liabilities 1,087 1,307 Total operating lease liability $ 1,880 $ 2,202 Weighted-average remaining lease term (years) 4.5 4.7 Weighted-average discount rate 4.5 % 4.5 %
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]	Maturity of operating lease liabilities 2023 $ 258 2024 642 2025 306 2026 241 2027 217 Thereafter 426 Total lease payments 2,090 Less: Imputed interest (210 ) Present value of remaining lease payments $ 1,880

Note 8 - Commitments and Cont_2

Note 8 - Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2023
Notes Tables
Schedule of Product Warranty Liability [Table Text Block]	Nine-month period ended September 30, 2023 2022 Accrued warranty obligations – beginning $ 323 $ 133 Accruals for warranties issued 260 247 Settlements made (98 ) (94 ) Accrued warranty obligations – ending $ 485 $ 286

Note 10 - Business Segment In_2

Note 10 - Business Segment Information (Tables)	9 Months Ended
	Sep. 30, 2023
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Battery & Energy Products Communications Systems Corporate Total Revenues $ 31,919 $ 7,569 $ - $ 39,488 Segment contribution 7,728 2,046 (7,639 ) 2,135 Other expense (386 ) (386 ) Income tax provision (446 ) (446 ) Non-controlling interest 27 27 Net income attributable to Ultralife $ 1,330 Battery & Energy Products Communications Systems Corporate Total Revenues $ 28,583 $ 4,651 $ - $ 33,234 Segment contribution 5,345 1,370 (7,301 ) (586 ) Other income 254 254 Income tax benefit 90 90 Non-controlling interest 3 3 Net loss attributable to Ultralife $ (239 ) Battery & Energy Products Communications Systems Corporate Total Revenues $ 94,250 $ 19,846 $ - $ 114,096 Segment contribution 21,783 6,015 (21,972 ) 5,826 Other income 178 178 Income tax provision (1,688 ) (1,688 ) Non-controlling interest 8 8 Net income attributable to Ultralife $ 4,324 Battery & Energy Products Communications Systems Corporate Total Revenues $ 87,873 $ 7,860 $ - $ 95,733 Segment contribution 19,217 2,102 (21,407 ) (88 ) Other income 22 22 Income tax benefit 171 171 Non-controlling interest - - Net income attributable to Ultralife $ 105
Schedule of Revenues from External Customers by Business Segment Sector [Table Text Block]	Total Revenue Commercial Government/ Defense Battery & Energy Products $ 31,919 $ 24,150 $ 7,769 Communications Systems 7,569 - 7,569 Total $ 39,488 $ 24,150 $ 15,338 61 % 39 % Total Revenue Commercial Government/ Defense Battery & Energy Products $ 28,583 $ 22,878 $ 5,705 Communications Systems 4,651 - 4,651 Total $ 33,234 $ 22,878 $ 10,356 69 % 31 % Total Revenue Commercial Government/ Defense Battery & Energy Products $ 94,250 $ 73,319 $ 20,931 Communications Systems 19,846 - 19,846 Total $ 114,096 $ 73,319 $ 40,777 64 % 36 % Total Revenue Commercial Government/ Defense Battery & Energy Products $ 87,873 $ 70,154 $ 17,719 Communications Systems 7,860 - 7,860 Total $ 95,733 $ 70,154 $ 25,579 73 % 27 % Total Revenue United States Non-United States Battery & Energy Products $ 31,919 $ 15,926 $ 15,993 Communications Systems 7,569 4,348 3,221 Total $ 39,488 $ 20,274 $ 19,214 51 % 49 % Total Revenue United States Non-United States Battery & Energy Products $ 28,583 $ 13,433 $ 15,150 Communications Systems 4,651 3,547 1,104 Total $ 33,234 $ 16,980 $ 16,254 51 % 49 % Total Revenue United States Non-United States Battery & Energy Products $ 94,250 $ 47,088 $ 47,162 Communications Systems 19,846 11,170 8,676 Total $ 114,096 $ 58,258 $ 55,838 51 % 49 % Total Revenue United States Non-United States Battery & Energy Products $ 87,873 $ 41,303 $ 46,570 Communications Systems 7,860 6,609 1,251 Total $ 95,733 $ 47,912 $ 47,821 50 % 50 %

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation (Details Textual) $ in Thousands	Sep. 30, 2023 USD ($)
Employee Retention Credit (ERC) [Member]
Government Assistance, Amount, Cumulative, Current	$ 1,544

Note 2 - Debt (Details Textual)

Note 2 - Debt (Details Textual) - Amended Credit Agreement [Member] $ in Thousands	Dec. 13, 2021 USD ($)	Sep. 30, 2023 USD ($)	Mar. 31, 2023	Dec. 31, 2022
Debt Issuance Costs, Gross		$ 139
Term Loan Facility [Member] | Long-term Debt, Current Maturities [Member]
Secured Debt, Total		2,000
Revolving Credit Facility [Member]
Secured Debt, Total		6,667
Long-Term Line of Credit, Total		$ 19,580
Maximum Consolidated Senior Leverage Ratio		3	3.5	3.5
Revolving Credit Facility [Member] | Minimum [Member]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.15%
Revolving Credit Facility [Member] | Maximum [Member]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.25%
Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) [Member]
Debt Instrument, Basis Spread on Variable Rate	0.10%
Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) [Member] | Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate	1.85%
Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) [Member] | Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate	2.15%
KeyBank [Member] | Term Loan Facility [Member]
Debt Instrument, Term	5 years
Debt Instrument, Face Amount	$ 10,000
KeyBank [Member] | Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	30,000
Line Of Credit Facility Maximum Borrowing Capacity Contingent On Bank Approval	$ 50,000

Note 2 - Debt - Schedule of lon

Note 2 - Debt - Schedule of long term debt maturities (Details) - Amended Credit Agreement [Member] - Revolving Credit Facility [Member] $ in Thousands	Sep. 30, 2023 USD ($)
2023	$ 500
2024	2,000
2025	21,580
2026	2,000
2027	167
Thereafter	0
Total	$ 26,247

Note 3 - Earnings Per Share (De

Note 3 - Earnings Per Share (Details Textual) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Dilutive Securities Included in Computation of Earnings Per Share Amount Stock Option	677,029	0	22,165	128,665
Dilutive Securities Included in Computation of Earnings Per Share Amount Restricted Stock	2,500		2,500	5,000
Incremental Common Shares Attributable to Dilutive Effect of Share-Based Payment Arrangements	65,275	0	2,441	22,203
Share-Based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	411,583	1,202,076	1,066,447	1,073,411
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		5,000

Note 4 - Supplemental Balance_3

Note 4 - Supplemental Balance Sheet Information (Details Textual) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Restricted Cash and Cash Equivalents	$ 78	$ 79
NETHERLANDS
Restricted Cash and Cash Equivalents	$ 78	$ 79

Note 4 - Supplemental Balance_4

Note 4 - Supplemental Balance Sheet Information - Cash and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Cash	$ 9,223	$ 5,634
Restricted cash	78	79
Total	$ 9,301	$ 5,713	$ 5,051	$ 8,413

Note 4 - Supplemental Balance_5

Note 4 - Supplemental Balance Sheet Information - Components of Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Raw materials	$ 31,516	$ 29,200
Work in process	4,342	2,757
Finished goods	10,776	9,235
Total	$ 46,634	$ 41,192

Note 4 - Supplemental Balance_6

Note 4 - Supplemental Balance Sheet Information - Components of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Property, plant and equipment, gross	$ 86,709		$ 86,709		$ 92,660
Depreciation	760	$ 815	2,282	$ 2,450
Less: Accumulated depreciation	(65,543)		(65,543)		(70,944)
Property, plant and equipment, net	21,166		21,166		21,716
Land [Member]
Property, plant and equipment, gross	1,273		1,273		1,273
Building and Building Improvements [Member]
Property, plant and equipment, gross	15,934		15,934		15,572
Machinery and Equipment [Member]
Property, plant and equipment, gross	57,164		57,164		63,981
Furniture and Fixtures [Member]
Property, plant and equipment, gross	2,822		2,822		2,845
Computer Equipment [Member]
Property, plant and equipment, gross	7,807		7,807		7,744
Construction in Progress [Member]
Property, plant and equipment, gross	$ 1,709		$ 1,709		$ 1,245

Note 4 - Supplemental Balance_7

Note 4 - Supplemental Balance Sheet Information - Summary of Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Balance	$ 37,428
Effect of foreign currency translation	(71)
Balance	37,357
Battery & Energy Products Segment [Member]
Balance	25,935
Effect of foreign currency translation	(71)
Balance	25,864
Communications Systems Segment [Member]
Balance	11,493
Effect of foreign currency translation	0
Balance	$ 11,493

Note 4 - Supplemental Balance_8

Note 4 - Supplemental Balance Sheet Information - Composition of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Cost	$ 28,084	$ 28,060
Accumulated Amortization	12,814	12,139
Net	15,270	15,921
Customer Relationships [Member]
Cost	12,989	12,970
Accumulated Amortization	6,451	5,992
Net	6,538	6,978
Patented Technology [Member]
Cost	5,564	5,557
Accumulated Amortization	5,260	5,171
Net	304	386
Trade Names [Member]
Cost	4,632	4,629
Accumulated Amortization	607	522
Net	4,025	4,107
Trademarks [Member]
Cost	3,399	3,404
Accumulated Amortization	0	0
Net	3,399	3,404
Other Intangible Assets [Member]
Cost	1,500	1,500
Accumulated Amortization	496	454
Net	$ 1,004	$ 1,046

Note 4 - Supplemental Balance_9

Note 4 - Supplemental Balance Sheet Information - Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Amortization of intangible assets	$ 227	$ 318	$ 663	$ 969
Research and Development Expense [Member]
Amortization of intangible assets	203	295	591	895
Selling, General and Administrative Expenses [Member]
Amortization of intangible assets	$ 24	$ 23	$ 72	$ 74

Note 5 - Stock-based Compensa_3

Note 5 - Stock-based Compensation (Details Textual) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Proceeds from Stock Options Exercised	$ 979	$ 3	$ 1,041	$ 116
Share-Based Payment Arrangement, Option [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 314		$ 314
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition			10 months 24 days
Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number	0		0
Restricted Stock [Member] | The 2014 Long-term Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)			3 years

Note 5 - Stock-based Compensa_4

Note 5 - Stock-based Compensation - Non-cash Stock Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Stock-based compensation expense	$ 131	$ 179	$ 424	$ 552
Share-Based Payment Arrangement, Option [Member]
Stock-based compensation expense	130	176	421	538
Restricted Stock [Member]
Stock-based compensation expense	$ 1	$ 3	$ 3	$ 14

Note 5 - Stock-based Compensa_5

Note 5 - Stock-based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2023
Outstanding, shares (in shares)	1,425,693
Outstanding, weighted average exercise price (in dollars per share)	$ 6.72
Granted, shares (in shares)	12,500
Granted, weighted average exercise price (in dollars per share)	$ 4.07
Exercised, shares (in shares)	(204,891)
Exercised, weighted average exercise price (in dollars per share)	$ 5.71
Forfeited or expired, shares (in shares)	(144,690)
Forfeited or expired, weighted average exercise price (in dollars per share)	$ 5.01
Outstanding, shares (in shares)	1,088,612
Outstanding, weighted average exercise price (in dollars per share)	$ 7.11
Outstanding, weighted average remaining contractual term (Year)	3 years 6 months 14 days
Outstanding, aggregate intrinsic value	$ 2,898
Vested and expected to vest, shares (in shares)	1,009,489
Vested and expected, weighted average exercise price (in dollars per share)	$ 7.20
Vested and expected to vest, weighted average remaining contractual term (Year)	3 years 4 months 13 days
Vested and expected to vest, aggregate intrinsic value	$ 2,598
Exercisable, shares (in shares)	703,529
Exercisable, weighted average exercise price (in dollars per share)	$ 7.79
Exercisable, weighted average remaining contractual term (Year)	2 years 4 months 9 days
Exercisable, aggregate intrinsic value	$ 1,402

Note 6 - Income Taxes (Details

Note 6 - Income Taxes (Details Textual) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Effective Income Tax Rate Reconciliation, Percent	28.10%	259.10%
Unrecognized Tax Benefits, Ending Balance	$ 0		$ 0
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member]
Operating Loss Carryforwards			40,952
Tax Credit Carryforward, Amount			$ 2,600
Open Tax Year	2005 2006 2007 2011 2012 2013 2014 2015 2019 2020 2021 2022
Foreign Tax Authority [Member]
Deferred Tax Assets, Valuation Allowance	$ 0
Open Tax Year	2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Foreign Tax Authority [Member] | Her Majesty's Revenue and Customs (HMRC) [Member]
Operating Loss Carryforwards	$ 10,000
State and Local Jurisdiction [Member]
Open Tax Year	2005 2006 2007 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Note 7 - Operating Leases (Deta

Note 7 - Operating Leases (Details Textual)	Sep. 30, 2023
Minimum [Member]
Lessee, Operating Lease, Remaining Lease Term (Year)	1 year
Maximum [Member]
Lessee, Operating Lease, Remaining Lease Term (Year)	8 years

Note 7 - Operating Leases - Lea

Note 7 - Operating Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Operating lease cost	$ 252	$ 216	$ 732	$ 674
Variable lease cost	28	22	85	69
Total lease cost	$ 280	$ 238	$ 817	$ 743

Note 7 - Operating Leases - Sup

Note 7 - Operating Leases - Supplement Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Operating cash flows from operating leases	$ 762	$ 676
Right-of-use assets obtained in exchange for lease liabilities:	$ 310	$ 0

Note 7 - Operating Leases - S_2

Note 7 - Operating Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Weighted-average remaining lease term (years) (Year)	4 years 6 months	4 years 8 months 12 days
Weighted-average discount rate	4.50%	4.50%
Other Noncurrent Assets [Member]
Operating lease right-of-use asset	$ 1,914	$ 2,187
Accrued Expenses and Other Current Liabilities [Member]
Current operating lease liability	793	895
Other Noncurrent Liabilities [Member]
Operating lease liability, net of current portion	1,087	1,307
Accrued Expenses and Other Current Liabilites and Other Noncurrent Liabilities [Member]
Total operating lease liability	$ 1,880	$ 2,202

Note 7 - Operating Leases - Fut

Note 7 - Operating Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
2023	$ 258
2024	642
2025	306
2026	241
2027	217
Thereafter	426
Total lease payments	2,090
Less: Imputed interest	(210)
Accrued Expenses and Other Current Liabilites and Other Noncurrent Liabilities [Member]
Present value of remaining lease payments	$ 1,880	$ 2,202

Note 8 - Commitments and Cont_3

Note 8 - Commitments and Contingencies (Details Textual) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Capital Addition Purchase Commitments [Member]
Long-Term Purchase Commitment, Amount	$ 925

Note 8 - Commitments and Cont_4

Note 8 - Commitments and Contingencies - Changes in Product Warranty Liability (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Accrued warranty obligations – beginning	$ 323	$ 133
Accruals for warranties issued	260	247
Settlements made	(98)	(94)
Accrued warranty obligations – ending	$ 485	$ 286

Note 9 - Revenue Recognition (D

Note 9 - Revenue Recognition (Details Textual) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Extended Product Warranty Accrual	$ 1,121	$ 682
Accrued Expenses and Other Current Liabilities [Member]
Extended Product Warranty Accrual, Current	193	119
Other Noncurrent Liabilities [Member]
Extended Product Warranty Accrual, Noncurrent	$ 928	$ 563
Certain Communications Systems Products [Member] | Maximum [Member]
Extended Product Warranty, Term	8 years

Note 10 - Business Segment In_3

Note 10 - Business Segment Information (Details Textual)	9 Months Ended
	Sep. 30, 2023
Number of Operating Segments	2

Note 10 - Business Segment In_4

Note 10 - Business Segment Information - Segment Activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues	$ 39,488	$ 33,234	$ 114,096	$ 95,733
Segment contribution	2,135	(586)	5,826	(88)
Other income (expense)	(386)	254	178	22
Income tax provision (benefit)	(446)	90	(1,688)	171
Tax benefit	(446)	90	(1,688)	171
Non-controlling interest	27	3	8	0
Non-controlling interest	27	3	8	0
Net loss attributable to Ultralife	1,330	(239)	4,324	105
Net income attributable to Ultralife	1,330	(239)	4,324	105
Battery & Energy Products Segment [Member]
Revenues	31,919	28,583	94,250	87,873
Segment contribution	7,728	5,345	21,783	19,217
Communications Systems Segment [Member]
Revenues	7,569	4,651	19,846	7,860
Segment contribution	2,046	1,370	6,015	2,102
Corporate Segment [Member]
Revenues	0	0	0	0
Segment contribution	(7,639)	(7,301)	(21,972)	(21,407)
Other income (expense)	(386)	254	178	22
Income tax provision (benefit)	(446)	90	(1,688)	171
Tax benefit	(446)	90	(1,688)	171
Non-controlling interest	27	3	8	0
Non-controlling interest	$ 27	$ 3	$ 8	$ 0

Note 10 - Business Segment In_5

Note 10 - Business Segment Information - Revenue by Business Segment Sector (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues	$ 39,488	$ 33,234	$ 114,096	$ 95,733
UNITED STATES
Revenues	$ 20,274	$ 16,980	$ 58,258	$ 47,912
Revenue, percentage	51%	51%	51%	50%
Non-US [Member]
Revenues	$ 19,214	$ 16,254	$ 55,838	$ 47,821
Revenue, percentage	49%	49%	49%	50%
Commercial [Member]
Revenues	$ 24,150	$ 22,878	$ 73,319	$ 70,154
Revenue, percentage	61%	69%	64%	73%
Government & Defense [Member]
Revenues	$ 15,338	$ 10,356	$ 40,777	$ 25,579
Revenue, percentage	39%	31%	36%	27%
Battery & Energy Products Segment [Member]
Revenues	$ 31,919	$ 28,583	$ 94,250	$ 87,873
Battery & Energy Products Segment [Member] | UNITED STATES
Revenues	15,926	13,433	47,088	41,303
Battery & Energy Products Segment [Member] | Non-US [Member]
Revenues	15,993	15,150	47,162	46,570
Battery & Energy Products Segment [Member] | Commercial [Member]
Revenues	24,150	22,878	73,319	70,154
Battery & Energy Products Segment [Member] | Government & Defense [Member]
Revenues	7,769	5,705	20,931	17,719
Communications Systems Segment [Member]
Revenues	7,569	4,651	19,846	7,860
Communications Systems Segment [Member] | UNITED STATES
Revenues	4,348	3,547	11,170	6,609
Communications Systems Segment [Member] | Non-US [Member]
Revenues	3,221	1,104	8,676	1,251
Communications Systems Segment [Member] | Commercial [Member]
Revenues	0	0	0	0
Communications Systems Segment [Member] | Government & Defense [Member]
Revenues	$ 7,569	$ 4,651	$ 19,846	$ 7,860